2nd Circ. Could Curtail Insider Trading Prosecutions
Law360, New York (April 18, 2014, 5:27 PM EDT) -- An impending Second Circuit ruling on whether the government should have to prove that recipients of insider trading tips knew their source stood to benefit from the disclosure could drastically limit prosecutors' ability to pursue charges against those further down the "daisy chain" from an illegal tip, experts say.
Hedge fund executives Anthony Chiasson and Todd Newman have argued they should not be prosecuted because they were unaware a Dell Inc. employee had his own enrichment in mind when he passed them nonpublic information. Should the defense prove successful, attorneys believe it could impose a massive new burden on the U.S....
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